According to the draft, the US Treasury Department will issue exemptions for exports of Iranian crude oil and petrochemical products immediately after the memorandum of understanding is signed, Bloomberg, which has seen the text, reports.
In addition, the countries will ensure that maritime traffic through the Strait of Hormuz returns to pre-war levels within 30 days. The US will also withdraw military forces from Iran's vicinity.
Dubai-based al-Arabiya also reports consistent information about the draft.
According to the leaked draft of the agreement, the US and its regional partners will also create a plan to rehabilitate Iran and enable the country's economic development, with funding of at least $300 billion.
Unclear financing
Much of what has now been leaked is in line with what has been previously reported. However, US President Donald Trump denies the reports of a reconstruction fund for Iran.
"We will not put 10 cents in," he said at a press conference in connection with the G7 summit in France, AFP reports.
"We do not invest and we do not have a fund."
Trump's vice president, JD Vance, has previously told CBS News that Iran's allies could provide such a reconstruction fund.
Trump says at the press conference that the agreement with Iran is not final, but a declaration of intent.
"If they don't behave, we will go back to dropping bombs right on their heads," he says.
On the sensitive issue of Lebanon, the agreement calls for an immediate end to all fighting between Israel and Iran-backed Hezbollah, without elaborating. Israel has maintained that it will continue to occupy large parts of Lebanon.
Sharing the text
In return, Iran commits to not acquiring nuclear weapons, "neutralize" its enriched uranium, and keep the Strait of Hormuz open to traffic, a US official with knowledge of the matter told Bloomberg.
US representatives have described the wording in the draft as vague, and have said that the draft is essentially aimed at creating a more favorable environment for continued talks, CNN reports.
Neither the US nor Iran has made the draft agreement public, but the US has begun sharing the text with allied countries at the G7 summit in France, according to a person with knowledge of the matter.
The idea is for the parties to sign the agreement on Friday in Switzerland.
